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2,700 Acres in Dominican Republic Changes Hands

LA ROMANA, DOMINICAN REPUBLIC-The Bahamian subsidiary of Miami-based Andros Isle Development Corp. inks a preliminary agreement to acquire land near La Romana that is master planned for a 4,500-unit resort community.

By Brian K. Miller | Updated on January 02, 2007

(To read more on the multifamily market, click here.)

LA ROMANA, DOMINICAN REPUBLIC-The Bahamian subsidiary of Miami-based Andros Isle Development Corp. is negotiating a purchase agreement for 2,700 acres near the city of La Romana in the Dominican Republic. The property is master planned for a 4,500-unit resort community with three golf courses and a 300-slip marina, but Andros officials say they will be revising the plan.

A source with Andros Isle tells GlobeSt.com that Andros Isle’s board of directors inked a general agreement to acquire the property. If details with regard to the title and the approved master plan come back as expected, a definitive purchase agreement will be signed on or before Feb. 9. The transaction is slated to close escrow during the second quarter of the year.

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